The spot rate approaches the intermediate resistance of its medium-term bullish channel at 1.4040 suggesting a decline in the short term. However a break of these levels would result in an acceleration towards the upper limit of its channel at 1.4150.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.4040 with a 1st objective of 1.4150, then 1.4180. A break in 1.4010 would invalidate this scenario.
